RE:rig count down another-87It’s worth noting (again) that the oil rig count which reached its absolute high of 1609 Oct. 10th last year has plummeted 469 rigs as of today’s announcement. My rig count stats from Baker Hughes only go back to May of 2011, but really, anything before that date is totally irrelevant, as there is a world of difference between the shale drilling era and anything that has gone before it. Rather like B.C. and A.D. And you’ve got to collect these figures and think about them over a long period of time to develop an appreciation of the magnitude of the drop. It’s rather like a giant sawblade cutting down an entire forest in one fell swoop. It would be hard to imagine that the rig count numbers could be on a different tack to “well completions” either. I’m hardly in a position to know what “land lease” requirements might be but I would think there would be many cases where wells if not profitable, simply would not be hooked up. The U.S response to the situation? Bloody amazing!!!! Hardly the sleeping giant.